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Cheddar, a live-streamed financial and tech video news site aimed at millennials, announced that it has raised $19 million in new VC funding at an $85 million post-money valuation. Axios spoke with company founder and CEO Jon Steinberg, who previously was president of BuzzFeed. What we learned:

Reach: Eight percent of all U.S. millennials have seen a piece of Cheddar content (90% of them within the past month), according to data compiled for the company by research firm Market Strategies International (which also does audience analytics for Cheddar rival CNBC). The figure was even higher in the 18-24 piece of that 18-34 year-old demographic, leading Steinberg to believe that the content is particularly penetrating on college campuses.

Take it as a compliment: Steinberg knows the criticism that financial news networks often are more "ambient television" than appointment viewing, but he doesn't see it as a negative. "That's what I aspire to be... we want people to look up and glance."

Distribution: Cheddar is available on all sorts of platforms, including Twitter, Facebook and its own apps, but Steinberg is partial to Sling, where his content sits next to CNN and Bloomberg TV. "We're positioned like a cable news network there... and those are our most engaged viewers." He also says that Cheddar ― which currently offers three of its eight daily hours for free ― either has signed contracts or is in discussions with every "skinny bundle" in the U.S., with expectations to launch in almost all of them by the end of Q1 2018.

Revenue: The company expects to do $1 million in June revenue, at which point it also would hit profitability. The new fundraising is basically about stockpiling cash, although there will be some new capital expenditures (each new studio costs between $700k-$900k). "It's not bad to have a bank balance."

Investors: Raine Ventures led the round, and was joined by AT&T, Amazon, Altice USA, the New York Stock Exchange, Broadway Video Ventures and return backers Lightspeed Venture Partners, Comcast Ventures and Ribbit Capital.

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House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

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Senate Republicans plan to exact pain before COVID relief vote

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.

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Illustration: Sarah Grillo/Axios

As Republicans lost the Senate and narrowly missed retaking the House, millions of dollars in grassroots donations were diverted to a handful of 2020 congressional campaigns challenging high-profile Democrats that, realistically, were never going to succeed.

Why it matters: Call it the outrage-industrial complex. Slick fundraising consultants market candidates contesting some of their party’s most reviled opponents. Well-meaning donors pour money into dead-end campaigns instead of competitive contests. The only winner is the consultants.